Written in Partnership with Amir Bakian
The conception of the metaverse leaped into public consciousness last October when Facebook rebranded their social juggernaut into Meta, a semaphore for their transition into this new realm. For years, the term had been promulgated in tech circles, and companies, including Microsoft and Roblox, ventured to become web3 brokers in the burgeoning space.
When wunderkind founder, Jonathan Hessing, first conceived of Keyspace Studios, traditional brands still prevailed, and our shopping experience was relegated to physical locales. As the landscape dramatically shifted into the digital realm, Hessing began developing a platform that introduced these same brands into the web3 framework.
The new virtual worlds are also prime venues for enterprise as they become a carbon copy of the physical economy. Global metaverse revenue prospects for brands, events, ads, commerce and hardware are expected to top $1 trillion, and Julian Banks, web3 advisor and creator of one of Snoop Dogg’s most popular NFT projects, iterated that it’s “important for companies entering the space to remain agile and adjust their approach according to their community.”
Just in the last few months, brands have entered the space at a fever pitch, through virtual games, products, and NFTs. StockX announced its intention to hawk sneaker NFTs on its marketplace, where users can invest in digital goods connected to their physical sneaker representations. Dolce & Gabbana has also taken the leap into the metaverse, as one of many fashion brands taking advantage of the space, by partnering with UNXD, an NFT marketplace for digital luxury and culture.
One of Keyspace’s central tenets is its revolutionary SaaS platform that facilitates brand campaigns in the metaverse. Metaverse marketing allows brands to engage with a niche audience, expand their reach, and sell products in a new sector. More than two-thirds of marketers predict investing a quarter of their budget into metaverse campaigns over the next 12 months, with 33% of marketers believing their brands are ahead of the curve for incorporating AR/VR into their social strategy.
Another important aspect of a brand’s transition into the space is the critical trademark filings necessary for protecting their assets in a virtual milieu. The current registrations on these brands do not cover virtual goods because they weren’t around ten years ago. Brands have rushed to file trademarks for products, services, and nomenclature in the virtual world.
As brands immerse their current systems in the metaverse, it’s important to adapt their messaging and cater to the community. It’s still in its embryonic stages, but there’s an opportunity for brands to create some truly transformative experiences.
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